Carbogenics to build farm waste recycling centre
Carbogenics, an Edinburgh company which recycles farm and paper waste, has raised more than £1m to build its first production and R&D facility.
The waste – which would otherwise go to landfills or be sent for incineration – is turned into a product called CreChar used in green energy production.
The investment is from a new lead investor Green Angel Ventures alongside existing investors Scottish Enterprise and Old College Capital.
Carbogenics’ production facility will be in Perthshire and it is anticipated it will be operational by the end of Q1 2024.
The company, an Edinburgh University spin-out, is also doubling its headcount and is in the process of raising further debt and investment.
Professor Ed Craig, CEO, said: “This investment will allow us to scale the business significantly, including building our first production facility, solidifying our customer base in the UK, and facilitating our European expansion plans. .
“Carbogenics continues to innovate and as energy security joins sustainability as a key priority for the energy transition we believe the UK will grow its use of biogas from the current c1% and mirror its trading partners in Europe.”
Cam Ross, CEO of Green Angel Ventures, said: “Green Angel Ventures invests exclusively in companies fighting climate change.
“Our 350 specialist angel syndicate members were attracted by the large potential for carbon impact with Carbogenics’ technology, and our Climate Change Fund was a natural additional investor.”